Pat McGrath Labs Boosted To $1 Billion Net Worth After Lucrative Investment
In 2015, makeup guru Pat McGrath swiftly gathered the fashion industry in her cosmetic creations and never loosened her grip. Since then, her products have been a mainstay in consumers’ makeup bags and on runways for the world’s top fashion houses.
Today, Pat McGrath Labs has reached the $1 billion value mark after a $60 million investment by Eurazeo Brands, Fashionista reports. The investment became part of an $88 million tally of funding as well. The news was accompanied by a note McGrath published on Instagram, thanking her team for their efforts.
“Labs exists to break the mold, and you are why I do what I do,” the note reads. “Thank you for your boundless self-expression and your divine passion to a new standard of beauty.” In a statement issued to Fashionista, McGrath echoed those sentiments and conveyed her excitement.
“We have been so blessed to have such an engaged and passionate customer base and the aim is to continue to provide them with more groundbreaking, straight-from-the-runway products and a makeup experience that they cannot get anywhere else,” she said. “I get so much joy and satisfaction when I see how much our loyal customers love the products, it fuels us to come up with even more innovative creative ideas.”
The makeup conglomerate includes lip glosses, eyeshadow palettes, highlighters, eyeliners and more, sold online at the company’s website or at Sephora.
The news, however, inserted another name into the mix. Kylie Jenner, who recently landed the cover of Forbes for her cosmetic business, sparked reactions from Twitter users who called for McGrath to receive the same media spotlight as Jenner.
Pat McGrath has Kylie shaking in her colourpop boots
— poor (@calmdownkilla) July 19, 2018
I’m thrilled that Pat McGrath is snatching ALL wigs this year
— (@KiannaFierce) July 19, 2018
The amount of @patmcgrathreal products I’ve bought i feel like I heavily contributed to this 1 Billion
— Paisley Billings (@MissPaisleyxo) July 19, 2018
The Shade Room is comparing Pat Mcgrath to Kylie cosmetics
— (@Leonarda_O) July 19, 2018
Guys, please don’t compare Pat McGrath to Kylie Jenner or even use words to put the two on the path. Like ‘she’s the real self-made’ ‘bigger than Kylies’.
Pat has worked to damn hard to be mentioned in the same sentence and made comparisons of.
— Sevile Mbokazi (@SevileMboks) July 19, 2018
I can’t believe Pat McGrath outselling Kylie is a big deal as if Pat McGrath hasn’t been highly established and one of the best runway makeup artists of all time
— Baifuflaca (@ShrimpNdGrits) July 19, 2018
Kylie was added to the mix to make a clear distinction between fraudulent self made success (Kylie) and genuine self made success (Pat McGrath)
— Golden___Brown (@Golden___Golden) July 19, 2018